Topic: [BIG] BigBullion (SHA256) 10 Million Coins | Bounties - Trading on Bittrex - page 24. (Read 75805 times)

Ok guys - lots of questions on "Par Value"

Here is the simple answer on this is to be calculated.

(Gold oz * Gold USD value) + (Silver oz * Silver USD Value) + (Platinum oz * Platinum USD Value) = Total USD bullion reserves

TTL Reserves / Total Coins outstanding = Par bullion value.

** Here is the thing to remember - if you haven't read the presentation that we gave at the Cryptolina conference DO SO!!! 
    - This is where we (in my opinion)  blew everyone away!!
       - We created a system of natural capital appreciation and built it into the coin itself.  Each time a halving occurs the amount of bullion placed into the
         reserves increases by the same amount that the block reward decreases.  What this means to everybody who is mining and holding the coin is that
         it will appreciate faster after each halving.  So if someone mines it and dumps it they are LOOSING money.  The longer its held the more you stand to
         make.  This is how we plan to defeat the pump and dump chumps.  ( No offense intended) No one wants to throw away money and your are give and
         incentive to make more simply by holding.

-Another good question hack.

As far as secondary and tirtiairy minerals are concerned - We have no plans at this point to include them.  We selected gold, silver, and platinum because they are recognized globally by all financial markets as "investment grade"  In the future if these other metals become recognized we may look at including them.

Hack,

  All valid questions.

#1)  The location of your miners or your physical location is required so that I abide by any trade laws in effect with your country as the relate to ownership and taxation of physical bullion.  There are some countries that restrict their citizens right to own bullion products.

#2) If your country does not have a "social security" number then the equivalent number that your home country uses to identify you for taxation purposes will suffice. 

#3) The hashrate figure is simply so we can help identify how many miners out there who are active in our coin are planning on exchanging for the metal.  We want to be able to plan for the future so that we do not get surprised by anyone or group who mines and wants to exchange.  We like to stay ahead of the curve and make sure that we keep the reserves high so the coins value stay's stable (and high!)

#4) If you rent them we really don't care about their location.  The question is based mostly so that if there is a concentration of miners somewhere it tells us we may need another permanent node there. 

Well if you mined it good if not good as well,   if the coin is as good as the dev says and any backers well than dont complain about it later. 

yes, the smartest boloney ive seen in this thread.

The smartest response ive seen in this entire thread!!

People Keep asking what the exchange rate will be on the exchange.. The rate on the exchange is always the same... *WHATEVER YOU DECIDE TO SELL IT AT.*

#1 - True.
#2 - Same.
#3 - Please post this in thread if it becomes a reality.

Good points,

Personally myself not being in the U.S. i dont really expect i would want my bullion.
Ill just sell the coins on the market and take my btc.. go buy some bullion around the corner i guess. 

If the coin is backed by the asset.. then good enough.
I think a decentralized exchange would be ideal for something like this.

Any exchange is good at this point.. with weeks of prep, devs you should already have some exchanges on board and ready.
Looking forward to a week filled with communication and updates!!!  then i will throw more hash at this..

Also devs.. have an interview lined up for you ready to go with a popular crypto news/mag site.

By The Way and to the metals for backing in general:

Is it planned to add some rare earth or other really high valued materials into the portfolio?

I think about stuff like rhodium, osmium, iridium and ruthenium or maybe neodym (which could be a interesting invest in the very long run ?


Hacky

Heh...

On your register miner form, you ask for informations which not every user can have..

Additionally, you ask for informations - and make them neccesary - which does not need to get published in any way.

For what do you need an infor about when i set up my miners for your coin?

What makes me need to tell you what hardware i use?

Do you really think, i dedicate just one fixed amount of hashing power without any change in the future?

Oh, and last but not least. How should a user outside U.S. get a "Social Security or Federal EIN Number"??

Does that mean, only Citizens of the USA can redeem the bare metal for their coins?



Overall, i have to say, i already did some business with the people behind BIGBullion and i'm even a regular and "head member" (in some way) of the bitcoin investment group..

From that perspective, i'm sceptical like everyone out here.

NOT because i do not trust the developer and especially Gerald .. but i cannot predict how all that will work out and if it even gets accepted by some community (besides BIG which even will surely not participate with all members imho;).

So ... i just mine some coins. Like i mined bitcoins in the early days. Hoping that the coin goes where it was planned to go.

If not..... well, i do not rent miners .... i have some asics over here .. but even have to pay horrifying rates for power (in germany;)

Well .. lets try it ...... only by playing lotto you can win more .. or lose more..

Greetings from Hamburg, Germany,

hacky

I guess you haven't ever picked up a 100oz silver bar. ... suprised it's that cheap.

"All exchanges, once approved, will be subject to a transaction fee of $49.99 USD and shipping charges will be assed based upon the physical address of the miner."

HAHAHAHAHAHA

I can't wait to see where this thread is in a month.

I think your answer is here .. http://bigbullion.co/content/mining-registration

What effect does underlying price fluctuations of bullions have on the object backed by it, in this case coins? does each bigcoin increase in value if say gold jumped over night, or would it mean you get less bullion for coin when exchanged..

I guess I'm wondering if underlying price of metals  goes up would this push up value of coins..

the fee will depend on your location so shipping varies and no i havent seen what the exchange rate is we probly wont know till 90days from yesterday lol

Thanks yes, I've seen standown period and you can exchange how is par value calculated? 1 coin = what in what bullion, also mentions a handling fee but not what that fee is.

or here...

https://docs.google.com/file/d/0B1QYUo9oe-ZxclBkZzhLb0NwZWM/edit

snoopy the info is on the big bullion site under the register mining link at the top of page

Is it correct to say at some point you can convert coins to metal? if so how would this work and at what ratio? ie 15 coins to 1 ounce of something? 1:1?